spending and cutting into entitlement programs. that s not going to happen. i think the big event here is there s not going to be a breach of the debt limit. there won t be a default, and i think markets will likely be calmed by that. there is an expression on wall street that you buy the rumor and sell the news. we ll have to wait to tomorrow to see how markets react. let me ask you about 2011 because there s all of this monday morning quarterbacking, but looking back on 2011 and the effect that that debt limit deal had on the economy and the recovery from the great recession, why was that such a problem, and why are there still lingering concerns about what might happen with this? it s a vastly different set of cuts that occurred in 2011. they were certainly deeper. we were still struggling to come ouch the great financial crisis, and we had not stimulated the economy to the same extent coming out of the gfc as we have coming out of the pandemic, and so, again, for those reasons,
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yeah. we ve talked a lot over the years about income inequality and how bad it is for people at the bottom you can see particularly after the gfc, this red line, the bottom quarter of americans, people earning $35,000 or less, so not a lot of money. see what happened to their incomes and remember the angst that created when that happened. then it stepped back up st steadily again, a strong economy before covid brought it up brought the rate of increase up here look where it s come to now. since the beginning of 2020, real, meaning after inflation, increases in incomes for people at the bottom very up 7% people at the top, only up 2%. obviously, a long way to go to address income inequality. as we run this hot economy, we re making a bit of proguress on that front. steve, do you have explanation for the three charts you ve shown us, the three smiley faces on the economy, and, yet, national polls
pace of steady, strong job creation the interesting news, as you suggested, is what s been happening to black unemployment. black unemployment has historically been much higher. the red line here, than white unemployment early 80s, over 20% after the gfc, 17% spiked again during covid. now, we re down at 5%. the lowest ever recorded and, actually, white unemployment didn t move barely at all last month. black unemployment is coming down this is what happens when you have a hot economy, a strong economy. basically, employers need workers so much, they, in effect, suck into the labor force people who haven t been able to find jobs in less robust, economic times. record low of 5%. as you said, to put that into perspective, during the financial crisis of 2010, black unemployment was at 17%. 5% is a good number. let s look at your third chart some more good news, steve, about income gains, strongest at the bottom of the economic ladder.